Michael Kors buys Versace for more than $2.12 billion

By September 26, 2018Current

TL;DR – Woah.

Following some rumours, it’s now official. American handbag brand Michael Kors has purchased Italian luxury goods house Versace for more than $2.12 billion, including debt, providing Kors an entry into the  high-end European luxury market.

Michael Kors Holdings will be renamed Capri Holdings Limited with the acquisition.

Versace was founded by the late Gianni Versace in 1978 and is now creatively helmed by his sister, Donatella Versace.

Donatella Versace for Vogue

“This is a very exciting moment for Versace,” Donatella Versace said in a statement, “It has been more than 20 years since I took over the company along with my brother Santo and daughter Allegra. I am proud that Versace remains very strong in both fashion and modern culture. Versace is not only synonymous with its iconic and unmistakable style, but with being inclusive and embracing of diversity, as well as empowering people to express themselves. Santo, Allegra and I recognize that this next step will allow Versace to reach its full potential.”

With the acquisition, the Versace family will be given €150 million of shares in Capri Holdings Limited, with Donatella keeping her role as creative director.

The Internet doesn’t seem to be taking this piece of news too well though,

Can’t wait to see how their next collection will be like.

(Cover image via)

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Flora Isabelle Lim

Author Flora Isabelle Lim

On a constant quest to be a really professional internet person.

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